SEC Delays Multiple Spot Bitcoin ETF Applications, Including BlackRock’s

• SEC has also postponed the applications of Invesco, Bitwise, and Valkyrie.
• The applications of Fidelity, VanEck, and WisdomTree might also be delayed.

In light of the impending government shutdown in the U.S, the SEC has postponed a judgement on several proposals for spot Bitcoin ETFs, among them BlackRock’s.

Separate filings from September 28 indicate that the SEC has also postponed the applications of Invesco, Bitwise, and Valkyrie for spot Bitcoin ETFs, and Bloomberg ETF analyst James Seyffart anticipates that the applications of Fidelity, VanEck, and WisdomTree will also be delayed.

Blackrock’s widespread dominance across industries in the U.S and internationally led the cryptocurrency community and financial professionals to unanimously predict that it would get the ETF clearance the fastest among all submissions.

More Time to Consider

The U.S SEC wants more time to consider the proposed rule change, thus ARK Invest 21Shares was delayed earlier. The US SEC has moved forward the deadline, which was previously set for November 11, 2023. Franklin Templeton, another asset management company, has also recently applied to list an spot exchange-traded fund (ETF).

Meanwhile, on September 30, 2023, Valkyrie will be the first company in the United States to provide exposure to Ethereum futures via its Bitcoin and Ether Strategy ETF. Bloomberg analyst Eric Balchunas also said that two additional firms are getting ready to launch the futures ETF in case the SEC provides authorization before October 1, the likely start of a government shutdown in the United States.

There is a risk of a government shutdown if the House and Senate can’t reach an agreement on a package of 12 individual full-year funding measures by October 1.

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